Business Brief

The European Court of First Instance ruled that the Commission had erred in imposing fines totalling €60.6 million on participants in an eight-company cartel for graphite electrodes, and reduced some fines.

Anglo-Swedish pharmaceutical company AstraZeneca has been fined €60m by the Commission for blocking generic versions of its Losec drug for stomach ulcers.

French banks Credit Agricole and Caisses d’Epargne have won Commission approval for their merger, creating one of Europe’s biggest banks.

The European Commission updated its guidelines on impact assessment for its proposals, focusing more on economic and competitiveness to reduce the burden on industry.

The Commission on Monday (13 June) announced sector inquiries into the retail banking and business insurance sectors. It will start with a review of payment cards in the EU and target other aspects of retail banking and insurance later in the year.